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Editor's Note: A fully integrated and streamlined Personal Finance Management (PFM) solution provides consumers with the tools needed to reach their financial goals and fosters a closer relationship with their FI.

The influence of digital access points on the decision by consumers to switch financial institutions continues to grow in importance. It makes a “business as usual” approach the most significant risk an institution can take in responding to the digital needs of customers. According to the Accenture 2014 North American Consumer Digital Banking survey, more than one in four customers would likely consider a branchless digital bank. In addition, nearly three-quarters of US customers—two-thirds in Canada—consider their banking relationship “merely transactional.”

Increasingly, clever retailers using available and emerging technology are making it more and more painless for us to spend our money. Amazon, Apple, and others promote sleek online and mobile shopping experiences that allow us to make purchases without fumbling around for a card, account number or anything else. This new level of “convenience” creates yet another layer of abstraction from the real measure of our financial position: i.e., our cash.